Faten Lakhal

@article{benkraiem_2959,

title = {Access to finance and corporate tax avoidance: International evidence},

author = {Ramzi Benkraiem and Safa Gaaya and Faten Lakhal and Merve Kilic},

url = {https://www.sciencedirect.com/science/article/pii/S1061951824000740},

year  = {2025},

date = {2025-06-01},

journal = {Journal of International Accounting, Auditing and Taxation},

volume = {58},

pages = {100668},

abstract = {This paper investigates the relationship between access to finance and corporate tax avoidance. Using a sample of 63,443 firm-year observations from 37 countries, the results reveal that firms suffering from limited access to finance are more inclined to engage in tax avoidance practices. The results also show that increased levels of financial constraints are positively associated with tax avoidance for firms operating in countries with high economic and policy uncertainty and high government debt level. Further evidence shows that the difficulty to access finance increases tax avoidance in countries with weak investor protection. Our results are robust after addressing endogeneity concern and using different measures of financial constraints, tax avoidance, and countries' institutional environments.},

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pubstate = {published},

tppubtype = {article}

}

@article{lakhal_3806,

title = {The behaviour of distressed firms towards earnings management in a competitive product market},

author = {Faten Lakhal and Najet Rejeb and Houssam Bouzgarrou},

url = {10.1504/IJMFA.2026.10070821},

year  = {2025},

date = {2025-06-01},

journal = {International Journal of Managerial and Financial Accounting},

volume = {-},

number = {-},

pages = {1-26},

abstract = {his study investigates the influence of corporate financial distress on earnings management under competitive market pressure. Using a dataset of 146 non-financial French firms listed on the SBF-250 index from 2005 to 2020 and the generalised method of moments approach, the findings reveal a positive effect of financial distress on earnings management. Distressed firms exhibit a heightened inclination to employ both accruals and real earnings management, with a greater emphasis on accruals over real earnings management. Conversely, financial distress reduces the use of earnings management by classification shifting. This effect is more pronounced for distressed firms operating in competitive markets. This is the first study to explore product market competition as a main driver through which financial distress positively affects earnings management. It offers stakeholders valuable insights into the manipulative behaviours of distressed firms in competitive environments, helping in more informed risk management decisions.},

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@article{rejeb_3806,

title = {The behaviour of distressed firms towards earnings management in a competitive product market},

author = {Najet Rejeb and Houssam Bouzgarrou and Faten Lakhal},

url = {https://www.inderscience.com/info/ingeneral/forthcoming.php?jcode=ijmfa#128343},

year  = {2025},

date = {2025-06-01},

journal = {International Journal of Managerial and Financial Accounting},

pages = {1-26},

abstract = {his study investigates the influence of corporate financial distress on earnings management under competitive market pressure. Using a dataset of 146 non-financial French firms listed on the SBF-250 index from 2005 to 2020 and the generalised method of moments approach, the findings reveal a positive effect of financial distress on earnings management. Distressed firms exhibit a heightened inclination to employ both accruals and real earnings management, with a greater emphasis on accruals over real earnings management. Conversely, financial distress reduces the use of earnings management by classification shifting. This effect is more pronounced for distressed firms operating in competitive markets. This is the first study to explore product market competition as a main driver through which financial distress positively affects earnings management. It offers stakeholders valuable insights into the manipulative behaviours of distressed firms in competitive environments, helping in more informed risk management decisions.},

keywords = {},

pubstate = {online},

tppubtype = {article}

}

@article{slama_3614,

title = {Investing in a Cleaner Future: The Role of Institutional Investors in Corporate Waste Management},

author = {Afef Slama and Khaled Ghozzi and Faten Lakhal and Assil Guizani and Khaled Hussainey},

url = {https://onlinelibrary.wiley.com/doi/10.1002/bse.4222},

year  = {2025},

date = {2025-05-01},

journal = {Business Strategy And The Environment},

volume = {34},

number = {4},

pages = {4811-4831},

abstract = {As environmental sustainability gains prominence, institutional investors are increasingly recognized for their influence on corporate environmental practices. Despite this growing interest, their impact on waste management and circular economy initiatives is yet to be explored. This study seeks to bridge this gap by examining how institutional investors' ownership and investment horizon affect corporate waste management in France, where companies face increasing regulatory pressure under the 2015 Energy Transition Law. Analyzing 1001 firm-year observations over 2011-2021 in France, the results reveal that long-term (short-term) institutional investors negatively (positively) affect waste generation. This suggests that long-term investors exert pressure on managers to prioritize waste reduction strategies, supporting the neo-institutional theory perspective. Further analysis shows that the effect of long-term institutional investors on waste generation has accentuated after the adoption of the French Law on the Energy Transition in 2015, especially for firms with high environmental performance and strong corporate governance and those operating in environmentally sensitive industries. These results offer actionable insights for policymakers, investors, and corporate managers seeking to promote sustainable waste management practices.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{benkraiem_3324,

title = {Balancing ecology and finance: The impact of carbon performance on dividend payout policy},

author = {Ramzi Benkraiem and Olfa Berrich and Nadia Lakhal and Hamza Nizar and Faten Lakhal},

url = {https://www.sciencedirect.com/science/article/pii/S0275531924005038},

year  = {2025},

date = {2025-02-01},

journal = {Research In International Business And Finance},

volume = {74},

pages = {102710},

abstract = {This paper investigates the effect of corporate carbon performance on the dividend payout policy.

Based on an international sample from 2010 to 2022, the results show that firms that emit less

carbon pay more dividends to their shareholders suggesting that managers are likely to balance

all stakeholders' needs. However, companies distribute less dividends following the Paris

Agreement in 2015. This result suggests that the increased pressure on companies to engage in

sustainability initiatives can reduce the amount of profit available for dividends. Furthermore, the

positive effect of carbon performance on dividend payout policy is accentuated for companies

with strong profitability and high corporate governance quality. Nevertheless, this positive effect

is less prevalent in companies under highly competitive pressure.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{nizar_3432,

title = {Does the Corporate Lifecycle Affect Board Structure? International Evidence},

author = {Hamza Nizar and Ali Uyar and Faten Lakhal and Abdullah Karaman},

url = {https://onlinelibrary.wiley.com/doi/abs/10.1111/corg.12645},

year  = {2025},

date = {2025-02-01},

journal = {Corporate Governance-An International Review},

abstract = {Research Question/Issue: This paper examines the impact of corporate lifecycle on board structure offering insights into how

firms evolve and adapt their governance practices over time and across different institutional environments.

Research Findings/Insights: Based on a sample of 23,530 firm-year observations from 51 countries over the period 2013-2021,

we find that corporate lifecycle has a positive effect on board gender diversity and board tenure. This positive effect is more pro-

nounced in firms operating in countries with stronger investor protection and in firms facing higher external market discipline.

However, the corporate lifecycle has a negative effect on the proportion of board members with financial or industry expertise.

This negative relationship turns positive when investor protection strengthens, and market pressure intensifies. The results also

show that gender quota adoption positively influences the association between corporate lifecycle and board gender diversity.

Theoretical/Academic Implications: The findings support lifecycle and legitimacy theory perspectives suggesting that or-

ganizations face different challenges and legitimacy pressures at various phases of their lifecycle. To overcome those challenges,

companies are likely to adjust their internal governance structures accordingly. The results also provide support for regulations

on gender quotas in the boardroom.

Practitioner/Policy Implications: Our results suggest that in the early stages, a company considers appointing financial or

industry skilled directors who offer essential knowledge for corporate growth and success. As the company matures, the focus

shifts toward bolstering corporate legitimacy and gaining social acceptance. This transition indicates a shift toward holistic

governance, where the company prioritizes the representation of stakeholders' interests, both in substantive and symbolic ways.},

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}

@article{hamza_2545,

title = {Corporate social responsibility, industry competition and firm productive efficiency: evidence from semi-parametric and non-parametric analysis},

author = {Taher Hamza and Hamza Nizar and Faten Lakhal},

url = {https://link.springer.com/article/10.1007/s10479-023-05683-x},

year  = {2025},

date = {2025-01-01},

journal = {Annals Of Operations Research},

volume = {347},

pages = {553-578},

abstract = {This study examines whether corporate social responsibility (CSR) improves firm productive

efficiency and highlights the role of productmarket competition in addressing agency conflicts

associated with CSR. Using a sample of French firms from 2008 to 2018, we estimate

firm productive efficiency through a semi-parametric and non-parametric methods (Data

Envelopment Analysis?DEA). The results show that CSR positively affects firm productive

efficiency supporting the instrumental stakeholder theory.We also find that the positive effect

of CSR on firm productive efficiency is more prevalent among firms operating in highly

competitive environments and standing out high governance quality. These findings suggest

that agency problems related to CSR are less likely in firms subject to high external and

internal control. These findings have several practical implications and may provide valuable

insights in particular to the French National Productivity Council, which has been actively

investigating the primary catalysts of firm productivity in France.},

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pubstate = {published},

tppubtype = {article}

}

@article{bzeouich_3032,

title = {Does ownership structure drive the effect of CEO overconfidence on earnings quality?},

author = {Bilel Bzeouich and Florence Depoers and Faten Lakhal},

url = {https://www.emerald.com/insight/content/doi/10.1108/JAAR-10-2022-0265/full/pdf?title=does-ownership-structure-drive-the-effect-of-ceo-overconfidence-on-earnings-quality},

year  = {2025},

date = {2025-01-01},

journal = {Journal of Applied Accounting Research},

volume = {26},

number = {1},

pages = {90-115},

abstract = {Purpose - The purpose of this paper is to examine the effect of chief executive officer (CEO) overconfidence on

earnings quality and the moderating role of ownership structure as a crucial corporate governance device.

Design/methodology/approach - The paper uses the generalized method of moments (GMM) estimation

method to test our models on a sample of 335 French companies between 2009 and 2020, i.e. 4,020 observations.

Findings - The results show that CEO overconfidence negatively affects earnings quality. This result

supports the predictions of behavioral finance theory and suggests that CEO overconfidence is a behavioral

bias that affects the quality of earnings. The authors also examined the effect of different types of ownership

structures on this relationship. The results show the significant role of controlling shareholders, owner-

managers, families and institutional investors in mitigating the negative effect of CEO overconfidence on

earnings quality.

Research limitations/implications - This paper has some limitations. First, other types of ownership

structures could have been analyzed such as state ownership. Second, we ignored the role of the board of

directors as an important governance mechanism in controlling overconfident CEOs' actions.

Practical implications - Companies should be aware of the potential risks associated with CEO

overconfidence, which can compromise the faithful representation of earnings. This highlights the importance

of effective monitoring and internal controls to detect and prevent such practices, which involve the role of

ownership structure.

Originality/value - This paper addresses the effect of CEO overconfidence on earnings quality and provides

new evidence on the role of different ownership structure types in shaping this relationship. Additionally, this

paper sheds new light on how overconfident CEOs may behave in challenging times.},

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}

@article{anastasiou_3097,

title = {Analysing the Effects of Climate Risk on Discouraged Borrowers: Deciphering the Contradictory Forces},

author = {Dimitrios Anastasiou and Antonis Ballis and Christos Kallandranis and Faten Lakhal},

url = {https://onlinelibrary.wiley.com/doi/epdf/10.1111/risa.15071},

year  = {2025},

date = {2025-01-01},

journal = {Risk Analysis},

volume = {45},

number = {1},

pages = {223-239},

abstract = {We examine the impact of climate risk on discouraged borrowers among SMEs in the eurozone, using a unique European Central Bank dataset focusing on the demand side of credit markets. We argue that two opposing channels may exist in this relationship: either climate risk has a negative effect stemming from increased demand for sustainable or climate-resilient projects that enhance creditworthiness, or climate risk has a positive effect arising from heightened climate uncertainty and risk aversion, leading to credit self-rationing among SMEs. Our findings reveal that heightened climate risk prompts SMEs to self-ration credit, leading to higher probabilities of discouraged borrowers. Our research deepens the understanding of the impact of climate risk on credit-related decisions, stressing the need for proactive measures to integrate climate risk assessments into regulatory frameworks and lending practices. The findings underscore the vulnerability of SMEs to climate risk, emphasizing emphasising the importance of tailored support mechanisms for economic resilience.},

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pubstate = {published},

tppubtype = {article}

}

@article{brahem_3638,

title = {How does female leadership shape corporate employment decisions},

author = {Emna Brahem and Assil Guizani and Faten Lakhal},

url = {https://philpapers.org/rec/BRAHDF},

year  = {2025},

date = {2025-01-01},

journal = {International Journal of Business Governance and Ethics},

volume = {1},

number = {1},

abstract = {The purpose of this paper is to examine the impact of

female leadership on labour investment efficiency. Based on a sample of

2,812 firm-year observations observed between 2010-2020, we find that

female chief executive officer (CEO) and female chief financial officer (CFO)

affect negatively labour investment inefficiency. More specifically, we show

that female executives affect negatively over and under-investment in labour by

preventing the over-hiring and over-firing problems. These results highlight the

difference of women's management style and suggest that female executives

are less likely to engage in opportunistic behaviour. This negative effect is

more pronounced if the female CEO is less overconfident, less risk taker,

powerful, and has large stakes in the firm. Also, we find that this effect is more

accentuated among firms with weaker corporate governance quality, operating

in competitive markets, and have better access to finance. These results highlight the importance of executives' gender diversity in employment

decision-making and is in line with the Rixain law adopted in France in 2021

and requiring a quota of women in executive positions.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{uyar_3036,

title = {Do stockholders appreciate CSR? The role of firm visibility, financial slack, and monitoring},

author = {Ali Uyar and Faten Lakhal and Cemil Kuzey and Abdullah Karaman},

url = {https://reflexion.hec.ca/notice?id=h::069f0393-5928-4c47-aefd-f5f2bef1fb71&locale=en},

year  = {2024},

date = {2024-12-01},

journal = {Management International},

volume = {28},

number = {Spécial},

pages = {92-111},

abstract = {Although numerous past studies have examined the association between corporate social responsibility (CSR) and firm value, the findings have been inconsistent. This study examines how firm visibility, financial slack, and monitoring affected the relationship between CSR and firm value.

We find that CSR performance and its three dimensions, that is, environmental, social, and

governance?have positive effects on firm value. The results also show that under slack resources and strong corporate governance, the positive effect of CSR on firm value is strongly supported. These results suggest that managers should be aware that they can also attract shareholders'

interests in the stock market while addressing stakeholders' concerns, especially when the firm has available financial slack and strong board monitoring.},

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pubstate = {published},

tppubtype = {article}

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@article{guizani_3434,

title = {Heterogeneity of Family Firms and Carbon Emissions: Which Factors Matter?},

author = {Assil Guizani and Faten Lakhal and Florence Depoers and Emna Brahem},

url = {https://shs.cairn.info/revue-finance-2024-0-page-1?lang=fr},

year  = {2024},

date = {2024-12-01},

journal = {Finance},

pages = {I41 à XLIX},

abstract = {This study investigates whether family firms emit less carbon than their

non-family counterparts and how the heterogeneity among family firms

affects carbon emissions. Using a sample of 308 French companies listed in

the CAC-All Shares Index, spanning the period from 2002 to 2020, we found

that family firms are more likely than non-family ones to reduce their carbon

footprints. However, the carbon behavior of family firms is not homogeneous.

Family eponymy negatively influences carbon emissions. Surprisingly, the

effect of the family generational stage is positive, suggesting that family

firms in the first generations are more virtuous than those in subsequent

generations. Additional evidence shows that the presence of founder CEOs

or board chairpersons is associated with reductions in carbon emissions. We

also found that green innovation, polluting industries, and the Paris Agree-

ment and the energy transition law of 2015 strengthened carbon emission

reductions among family firms. Finally, committing to carbon emission

reduction serves as a pathway for family firms to enhance their firm value;},

keywords = {},

pubstate = {online},

tppubtype = {article}

}

@article{guizani_2350,

title = {Corporate social responsibility and stock price crash risk: the mediating effect of accounting conservatism},

author = {Assil Guizani and Faten Lakhal and Florence Depoers and Emna Brahem},

url = {https://philpapers.org/rec/GUICSR 

doi 10.1504/ijbge.2023.10055064},

year  = {2024},

date = {2024-10-01},

journal = {International Journal of Business Governance and Ethics},

volume = {18},

number = {6},

pages = {651-677},

abstract = {The purpose of this paper is to investigate the effect of corporate social responsibility on the firm-specific stock price crash risk. It also examines how this effect is driven through accounting conservatism. Based on a sample of French-listed firms from the period 2007 to 2016, the authors use GLS regression models on panel data estimated with robust standard errors, clustered at the firm level. The results show that firms' CSR performance is negatively associated with stock price crash risk. These findings suggest that socially responsible firms are less likely to hide bad news and poor performance to comply with stakeholders' ethical expectations, which reduces the stock price crash risk. Furthermore, we find that CSR indirectly decreases the stock price crash risk by enhancing accounting conservatism. This result suggests that accounting conservatism is a channel through which CSR decreases stock price crash risk. Our results provide practical implications for policymakers about the necessity to increase CSR activities as a good corporate governance device.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{benkraiem_2825,

title = {How does the heterogeneity of institutional investors influence corporate tax avoidance? The moderating role of family ownership},

author = {Ramzi Benkraiem and Faten Lakhal and Afef Slama},

url = {https://www.emerald.com/insight/content/doi/10.1108/IJMF-11-2022-0501/full/html?skipTracking=true},

year  = {2024},

date = {2024-10-01},

journal = {International Journal of Managerial Finance},

volume = {20},

number = {5},

pages = {1144-1169},

abstract = {Purpose: This study provides new insights into the relationship between institutional investors' heterogeneity and corporate tax avoidance. It also investigates whether family ownership moderates this relationship.

Design/methodology/approach: Based on a sample of 200 French listed firms from 2008 to 2017, we use the generalized method of moment (GMM) estimator proposed by Arellano and Bover (1995) and developed by Blundell and Bond (1998) to address endogeneity and omitted variable concerns.

Findings: The results show that passive institutional investors are associated with an increase in the level of tax avoidance. However, active ones significantly decrease the levels of tax avoidance practices. Moreover, we show that institutional activism is not sufficient to control managerial actions, particularly in the context of controlled family businesses. The results suggest that families may expropriate the rights of minority shareholders through a controlling coalition with passive institutional investors.

Originality: This paper extends previous research by investigating the heterogeneity of institutional investors' behavior in terms of horizon, ownership, and control. In addition, this paper sheds a new light on how family firms behave regarding tax avoidance practices in presence of active and passive institutional investors.

Research limitations/implications: This study has several practical implications. First, the results are useful for policymakers who should pay more attention to conflicts of interests and constrain passive institutional investors to provide only one service (asset management). Second, this study may sensitize family owners to the need to collaborate with active institutional investors that are effective in the monitoring of the firm. In particular, families should be willing to sacrifice some of their socioemotional wealth to promote balanced ownership structures that exclude investors with business relationships with the company.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{bzeouich_3245,

title = {Do overconfident CEOs make efficient investment decisions?},

author = {Bilel Bzeouich and Florence Depoers and Faten Lakhal},

url = {https://shs.cairn.info/revue-gestion-2000-2023-6-page-169?lang=fr},

year  = {2024},

date = {2024-10-01},

journal = {Gestion 2000 - Management et Prospective},

volume = {40},

number = {6},

pages = {169-185},

abstract = {This study investigates the effects of Chief Executive Officer (CEO) overconfidence, a psychological bias, on corporate investment efficiency. It provides new evidence on how financial constraints shape this relationship. The generalized method of moments estimation method was employed to test the hypotheses on a sample of 335 French firms from 2009 to 2020. The study reveals that CEO overconfidence negatively affects the efficiency of firms' investments by exacerbating the overinvestment problem. This result supports the behavioral finance theory and suggests that overconfident CEOs invest aggressively because they underestimate their risk of failure and overestimate their capabilities. The results also indicate that financial constraints mitigate overconfident CEOs' behavior and serve as a good instrument for enforcing financial discipline and improving investment decision efficiency. Additional evidence suggests that overconfident CEOs made less inefficient investment decisions during the COVID-19 pandemic. These results are important for managers, shareholders, and policymakers as they provide new insights to ensure efficient investment decisions.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{brahem_2350,

title = {Corporate social responsibility and stock price crash risk: the mediating effect of accounting conservatism},

author = {Emna Brahem and Florence Depoers and Faten Lakhal and Assil Guizani},

url = {https://philpapers.org/rec/GUICSR 

doi 10.1504/ijbge.2023.10055064},

year  = {2024},

date = {2024-10-01},

journal = {International Journal of Business Governance and Ethics},

volume = {18},

number = {6},

pages = {651-677},

abstract = {The purpose of this paper is to investigate the effect of corporate social responsibility on the firm-specific stock price crash risk. It also examines how this effect is driven through accounting conservatism. Based on a sample of French-listed firms from the period 2007 to 2016, the authors use GLS regression models on panel data estimated with robust standard errors, clustered at the firm level. The results show that firms' CSR performance is negatively associated with stock price crash risk. These findings suggest that socially responsible firms are less likely to hide bad news and poor performance to comply with stakeholders' ethical expectations, which reduces the stock price crash risk. Furthermore, we find that CSR indirectly decreases the stock price crash risk by enhancing accounting conservatism. This result suggests that accounting conservatism is a channel through which CSR decreases stock price crash risk. Our results provide practical implications for policymakers about the necessity to increase CSR activities as a good corporate governance device.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{lakhal_2414,

title = {How do socially responsible companies engage in tax avoidance practices? Evidence from France},

author = {Faten Lakhal and Itidel Ben Saad and Nadia Lakhal and Safa Gaaya},

url = {https://reflexion.hec.ca/notice?id=283573d0-bacd-4258-aebd-0be84bdda38c},

year  = {2024},

date = {2024-09-01},

journal = {Management International},

volume = {28},

number = {5},

pages = {55-66},

abstract = {La responsabilité sociale des entreprises (RSE) fait partie du débat plus large sur la question de savoir si les entreprises s'engagent dans la RSE pour promouvoir des intérêts sociaux ou strictement pour atteindre la légitimité et sont donc implicitement impliquées dans une forme de «?greenwashing?». Cet article étudie l'effet de la RSE sur l'évasion fiscale des entreprises. Il examine également les rôles de la gouvernance d'entreprise, de l'effet de levier et de la propriété familiale dans la relation RSE-évasion fiscale. En se basant sur un échantillon des entreprises françaises cotées de 2005 à 2017, les résultats montrent que les entreprises engagées dans la RSE adoptent des pratiques d'évasion fiscale, soutenant les perspectives de gestion des risques et de la théorie de l'agence. Cela suggère que les entreprises adoptent la RSE pour se forger une réputation positive et couvrir des positions fiscales à risque. Les résultats montrent également que les rôles disciplinaires de la dette et de la gouvernance d'entreprise atténuent cet effet positif. Des preuves supplémentaires montrent que les entreprises familiales qui investissent trop dans la RSE sont peu susceptibles de s'engager dans l'évasion fiscale à des fins de richesse socio-économique. Les résultats sont robustes aux mesures alternatives de l'évasion fiscale et aux préoccupations d'endogénéité.},

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tppubtype = {article}

}

@article{anastasiou_3138,

title = {Monetary policy impact on sustainability: Analyzing interest rates and corporate carbon emissions},

author = {Dimitrios Anastasiou and Antonis Ballis and Assil Guizani and Christos Kallandranis and Faten Lakhal},

url = {https://www.sciencedirect.com/science/article/pii/S0301479724021054},

year  = {2024},

date = {2024-09-01},

journal = {Journal Of Environmental Management},

volume = {368},

pages = {122119},

abstract = {This study aims to investigate the impact of monetary policy on firms' carbon emissions. The primary focus is on the effect of increasing interest rates on the carbon footprint of companies, both prior to and following the implementation of the Paris Agreement in 2015. The results show that there is a positive relationship between interest rates and carbon emissions indicating that in the face of increasing interest rates, companies are more likely to choose short-term financial stability above long-term sustainability objectives. This positive relationship is less prevalent following the Paris Agreement suggesting that policymakers should continue to strengthen global climate initiatives as a pressure for companies to invest in green activities. Additional evidence suggests that the impact of interest rates on carbon emissions is particularly noticeable in situations characterized by elevated levels of economic and policy uncertainty, weak corporate governance quality, and poor investor protection. These results are robust to endogeneity concerns, alternative measures of interest rates, carbon emission, and alternative samples.},

keywords = {},

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tppubtype = {article}

}

@article{guizani_3169,

title = {Green wealth, green responsibility: How does natural capital influence corporate environmental practices?},

author = {Assil Guizani and Faten Lakhal and Emilie Bonhoure Bawak and Khaled Ghozzi},

url = {https://pdf.sciencedirectassets.com/271750/1-s2.0-S0959652624X00311/1-s2.0-S0959652624029603/main.pdf?X-Amz-Security-Token=IQoJb3JpZ2luX2VjEDIaCXVzLWVhc3QtMSJHMEUCIHnf%2FIEeYG96A66E01seuYyuuu4yp%2BrNWjArymYnAUzkAiEA3p95gArXohafbw2Ijs7ePLFMACb%2BuTlXQFtvvdHTiiIqswUIexAFGgwwNTkwMDM1NDY4NjUiDClparRd%2Faviuup7%2BCqQBeBhX7qCc0m%2BgCa7iSufbPRPr45L5ILiKdlqH05koByF9cFnCzIxjnw903S8%2FC1prIq5A3b9%2FU3AypxmPAuel9ZwzRi7FDnRZRmBKX80NsYm%2B49u35%2FFYfkeQwBADNHxfjTQHkMHLl5cK%2Fc11fTj42TYW9eHIAnhrCi3ICp1cdupUiWLftOcL43ISDdBOIHAYURnd2OOBmOY%2FNImQJyMlsFLnJFylBgIvUd002FbwP2WPMa%2F%2Bg48g9w1Rhd%2F7XX7OSHee4LYnmqxzJop9bMP93mgzZqNwJzbGFT34j%2FsN%2FjkuD%2BVQ%2BGDi3N%2Bwh0ZFrtTFRpCpW%2FcReXhB%2BtEARFFTO07hd3n%2Ffsl9KNOrlEOxGiVQxlfd2MkwsItdEa%2BwdGM3p3GNvFKanPH2z0bdmnc8MGEzu83xdUTye8Vdre3p9vQqTJQlMPLuC9X74rSlpzfebXhDG%2BoFzq8G9RKT6CE9HlBFWM0IGGGUVSoCVLEjNejH5liFNR0caJooh8hrLCwRtZC%2BkY%2FaW5MTh0KSu8vf9QXtybq%2FAED%2BmOxB11Q1HTaYiFBQROZ4l%2B8i0T0avxzpx%2FmHy4%2BsI3LBN6CZhg7TPDLU9p7%2Be7Oi2jZ3GmwAS3aKYbRKodTFzYebgLUxK1YMF3X1RW0ZV8VjQbAxc%2BL5oCIUdzPjd6dGn9m5vU6N7BVY3h6wEK8R8AM33baBITsbaf1gYDSzAMHTtm8cUR571Gh5MJmhR8XJ23YWxF9BZ6kY4fY4tJD1g2aO4TSzZlnSmhJHGXFYeCKw41tnq5f%2Bc7BA8TnfpHCwC9rBZ%2FVOpUSQbYNc8uJ%2FS5wtwc7ZDi2BuF%2FOJxMloT9JWW2TLgvfk%2BZND6PALv%2FZ3cafAifaCvSMIrH67cGOrEBli59mCw9kKxiOzmoyoya%2FPIINZToN3YfmHbWJA5qyHOwcRY7gBmtS%2FcVf2wqoTzLMn9mkGmdEkPyCcxpbmQkmUGgZzrtAi%2FaTi2GTo29Ll4OO9o1kqMIxGsvqg3qVdph9DwMfeIVEZ2K9Pib0lqlybpL0fLjn5EbfE98b2TAn7PAv04bdaCyfwu6rB2w7CGl9LBcE7gnbLH4bFBjlZrzlKjLQtde6bcfJB33k4cyUEnu&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Date=20240930T180729Z&X-Amz-SignedHeaders=host&X-Amz-Expires=300&X-Amz-Credential=ASIAQ3PHCVTYZNVTP2JY%2F20240930%2Fus-east-1%2Fs3%2Faws4_request&X-Amz-Signature=0f1b4e482fc57dcb7ccb7b9d0867efa866e1887199e3bcde80425475ba6b8e0b&hash=66fe0e5574fa9018158b676a77c3c141233648425ee440a88878fc89d8e6ad79&host=68042c943591013ac2b2430a89b270f6af2c76d8dfd086a07176afe7c76c2c61&pii=S0959652624029603&tid=spdf-71cd97fb-b318-45ad-8d6e-8dc7c6544092&sid=c5b09a4d9f4ed74605897ca9b1dd419128b3gxrqb&type=client&tsoh=d3d3LnNjaWVuY2VkaXJlY3QuY29t&ua=00115703015155555705&rr=8cb6271f3bb1790a&cc=fr},

year  = {2024},

date = {2024-09-01},

journal = {Journal Of Cleaner Production},

volume = {472},

pages = {143511},

abstract = {This paper aims to understand the effects of natural capital on environmental responsibility. Based on a sample of 28,402 firm-year observations from 60 countries between 2010 and 2018, the results show that natural capital

negatively affects companies' environmental responsibilities. In particular, the availability of non-renewable

natural capital leads firms to overexploit resources, leading to weaker engagement in environmental activ-

ities. We also show that the Paris Agreement in 2015 improved the focus of firms operating in natural capital-rich countries on environmental responsibility. Further evidence shows that the influence of natural capital on

corporate environmental responsibility is more prevalent for firms in developing countries and manufacturing

industries. This negative effect also holds for the emission-reduction and resource-use subdimensions of environmental responsibility. However, renewable natural capital positively affects environmental innovation. Our results are robust to endogeneity concerns.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{guizani_3139,

title = {Does climate risk vulnerability affect the value of excess cash? International evidence},

author = {Assil Guizani and Hamza Nizar and Faten Lakhal and Taher Hamza and Ramzi Benkraiem},

url = {https://onlinelibrary.wiley.com/doi/10.1002/ijfe.3035},

year  = {2024},

date = {2024-08-01},

journal = {International Journal Of Finance & Economics},

abstract = {In this paper, we investigate the impact of climate risk on the value of excess

cash. Based on an international sample of 6468 firm-year observations from

2010 to 2019, the results show that climate risk vulnerability positively affects

the value of excess cash. This suggests that investors may consider firms with

excess cash to be better positioned to challenge extreme weather events by

using cash reserves to cover up expenses and maintain operations. This posi-

tive effect is more pronounced for firms operating in countries with strong

investor protection, for those with strong governance quality, and for those

with high corporate social responsibility performance. However, it is less

accentuated in the presence of financial constraints. Overall, our findings have

significant practical implications for decision-makers, investors, and

policymakers.},

keywords = {},

pubstate = {online},

tppubtype = {article}

}

@article{nizar_2336,

title = {How does institutional cross-ownership affect firm productivity? The importance of the corporate social responsibility channel},

author = {Hamza Nizar and Taher Hamza and Faten Lakhal},

url = {https://onlinelibrary.wiley.com/doi/abs/10.1002/ijfe.2773},

year  = {2024},

date = {2024-04-01},

journal = {International Journal Of Finance & Economics},

volume = {29},

number = {2},

pages = {1988-2010},

abstract = {This paper investigates the effect of institutional cross-ownership on firm productivity and whether this effect occurs indirectly through corporate social responsibility. Based on a sample of French firms from the 2001-2015 period, we found that institutional cross-ownership, particularly pressure insensitive cross-ownership, positively affects firm productivity. This result suggests that the professional knowledge and monitoring experience gained by institutional cross-owners lead them to increase firm productivity. This positive effect is less pronounced in highly competitive product markets. The results also showed that corporate social responsibility is a channel that allows institutional cross-owners, particularly pressure insensitive cross-owners, to influence firm productivity. This result suggests that institutional cross-owners drive corporate social responsibility investments leading to enhanced firm productivity.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{benkraiem_2786,

title = {Tax avoidance, investor protection, and investment inefficiency: An international evidence},

author = {Ramzi Benkraiem and Safa Gaaya and Faten Lakhal},

url = {https://www.sciencedirect.com/science/article/pii/S0275531924000503?dgcid=author},

year  = {2024},

date = {2024-04-01},

journal = {Research In International Business And Finance},

volume = {69},

pages = {102258},

abstract = {This paper provides new evidence on the relationship between corporate tax avoidance, and investment inefficiency. Based on a sample of 82,487 firm-year observations across 38 countries, we find that tax avoidance is positively associated with inefficient investments. Particularly, the positive effect of corporate tax avoidance is due to the underinvestment problem suggesting that firms engaging in tax saving activities suffer from exacerbated information asymmetry issues leading them to underinvest. More importantly, the results show that the relationship between tax avoidance and investment inefficiency is more prevalent during crisis periods, suggesting that in periods of economic shortfalls, the investment behavior is altered due to high external financing cost. We also find that the relation between tax avoidance activities and investment inefficiency is less prevalent in countries with strong investor protection. These findings are robust to alternative samples, measures of tax avoidance, investor protection and to endogeneity issues.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{benkraiem_2932,

title = {Family control, institutional cross holding and corporate social responsibility},

author = {Ramzi Benkraiem and Taher Hamza and Faten Lakhal and Hamza Nizar},

url = {http://www.accessecon.com/Pubs/EB/2022/Volume42/EB-22-V42-I4-P184.pdf},

year  = {2024},

date = {2024-04-01},

journal = {Economics Bulletin},

volume = {42},

number = {4},

pages = {2231-2247},

abstract = {This paper examines the effect of family control on corporate social responsibility. It also investigates the role of

institutional cross-owners who hold concomitant stakes in firms competing within the same industry. Using a sample

of French listed firms, we find that family control negatively affects corporate social responsibility, suggesting that

controlling families may have expropriation purposes and are likely to prioritize their personal interests over

stakeholders' ones. The results also show that institutional cross-owners attenuate the negative impact of family

control on corporate social responsibility, suggesting that institutional cross-owners act as an effective control

mechanism and help mitigate the risk of expropriation by family-controlled firms. The results are robust to alternative

measures of family control and to endogeneity tests and have several practical implications.},

note = {Cette revue ne propose pas de doi mais seulement un lien url,},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{tebourbi_2831,

title = {Gender diversity and tax avoidance: do gender quotas matter?},

author = {Imen Tebourbi and Assil Guizani and Faten Lakhal},

url = {https://www.inderscience.com/info/ingeneral/forthcoming.php?jcode=ijbge#119579},

year  = {2024},

date = {2024-02-01},

journal = {International Journal of Business Governance and Ethics},

abstract = {In this study, we examine the impact of the presence of women on board of directors and in top executive positions on companies' tax avoidance practices in French public companies. We also explore the impact of the introduction of Copé-Zimmerman law which mandates a quota of female

directors on boards. Our findings suggest that CFOs' gender matters as female CFOs are less inclined to tax avoidance behaviour. We also find that the presence of female directors on boards is negatively associated with tax

avoidance suggesting that women can be effective monitors on boards. However, this effect was more pronounced before the introduction of a mandatory quota of female executives. This suggests that companies that

rushed into adding female board members to comply with the

Copé-Zimmermann law may not have reached an optimal and effective board composition.},

keywords = {},

pubstate = {online},

tppubtype = {article}

}

@article{lakhal_2462,

title = {The power of inclusion: Does leadership gender diversity promote corporate and green innovation?},

author = {Faten Lakhal and Amal Hamrouni and Ibtissem Jilani and Imen Mahjoub and Ramzi Benkraiem},

url = {https://www.sciencedirect.com/science/article/pii/S0275531923002544},

year  = {2024},

date = {2024-01-01},

journal = {Research In International Business And Finance},

volume = {67},

number = {Part A},

pages = {102128},

abstract = {This paper investigates the effect of leadership gender diversity on both corporate and green innovation. Based on a sample of French-listed companies, the results show that board gender diversity enhances both types of innovation. This finding suggests that women on boards focus on both firm's competitive advantage and sustainability while engaging in innovative activities. These results are more prevalent for female independent directors and in the voluntary approach of appointing women on boards. The results also show that gender diversity among executives, particularly the Chief financial officer (CFO) position, is associated with an increase in corporate and green innovation. This result suggests that companies should consider top management gender diversity to break the glass ceiling phenomenon which means actively recruiting and promoting women to leadership positions as part of their overall innovation strategy.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{jilani_2333,

title = {Women on boards and on top management positions and excess cash holdings: a quantile regression approach},

author = {Ibtissem Jilani and Faten Lakhal and Nadia Lakhal},

url = {https://www.emerald.com/insight/content/doi/10.1108/CG-10-2022-0435/full/html},

year  = {2023},

date = {2023-11-01},

journal = {Corporate Governance: the international journal of business in society},

volume = {23},

number = {7},

pages = {1585-1606},

abstract = {Purpose - This paper aims to examine the impact of gender diversity on boards and on top management

positions on excess cash holdings.

Design/methodology/approach - The authors adopt the quantile regression approach to test the

relation between gender diversity and excess cash holding. The sample consists of 1,235 firm-year

observations for the period 2005-2017.

Findings - The authors find that board gender diversity negatively influences the level of excess cash.

This result suggests that women appointed in the boardroom are effective in monitoring managerial

actions, including financing policies. The results also show that by forcing companies to have a quota of

women on their boards, the presence of women no longer has a negative impact on excess cash

holdings. However, when women stand at the chief executive officer or chief financial officer position,

they tend to accumulate cash for precautionary motives. These results suggest that women behave

differently regarding excess cash holding as monitors compared to their role as decision-makers.

Practical implications - The results may be of interest to legislators who may decide to break the glass

ceiling, preventing women from gaining greater access to senior management positions. This is in line

with the recommendations of the AFEP-MEDEF Governance Code of 2020, which strongly recommends the recruitment of women to senior management positions. The results are also important to investors,

who might be likely to trust companies in which women hold positions on boards of directors which may increase firm value. The results may also have a social impact. Indeed, the role of women in society may

be enhanced if such initiatives are taken to increase their representation on leadership positions and in

society in general.

Social implications - The results may also have a social impact. Indeed, the role of women in society

may be enhanced if such initiatives are taken to increase their representation on leadership positions and

in society in general.

Originality/value - This study investigates the role of women both as controllers and decision-makers in

holding excessive amounts of cash. It also highlights new evidence on the impact the approach of

appointing women on boards (enabling/coercive and market-based) can have on the relation between gender diversity and excess cash holdings},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{lakhal_2472,

title = {CEO overconfidence and tax practices: Does Board gender diversity matter?},

author = {Faten Lakhal and Sabrina Khemiri and Sami BACHA and Assil Guizani},

url = {https://www.erudit.org/en/journals/mi/2023-v27-n4-mi08892/1107403ar/abstract/},

year  = {2023},

date = {2023-11-01},

journal = {Management International},

volume = {27},

number = {4},

pages = {10-22},

abstract = {This study examines the effect of chief executive officer (CEO) overconfidence on tax avoidance practices. Based on a sample of French-listed firms, the results show that overconfident CEOs engage in high levels of tax avoidance suggesting that the overconfidence bias may lead CEOs' to behave unethically and use deceitful tactics to avoid taxes. However, board gender diversity mitigates this behavior suggesting that female directors are good monitors on the board. Our findings give insights to policymakers who may consider gender diversity on top management positions in addition to the board of directors to prevent a loss in tax revenues.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{barka_2363,

title = {Institutional investor horizon and stock price synchronicity: Do product market competition and analyst coverage matter?},

author = {Zeyneb Barka and Ramzi Benkraiem and Taher Hamza and Faten Lakhal and Samuel Vigne},

url = {https://www.sciencedirect.com/science/article/pii/S1057521923002491},

year  = {2023},

date = {2023-10-01},

journal = {International Review Of Financial Analysis},

volume = {89},

pages = {102733},

abstract = {This paper provides new insights into the relation between institutional investment horizon and stock price synchronicity and investigates whether this relationship depends on the intensity of product market competition and analyst coverage. Based on a sample of French listed companies, we find that long-term (short-term) institutional investors are associated with higher (lower) stock price synchronicity. The results also show that the negative (positive) effect of long-term (short-term) institutional investors is more (less) accentuated for highly competitive markets and when the firm is followed by a high number of financial analysts. An additional analysis shows that the synchronicity reduction effect does not vary during the financial crisis. Overall, these findings suggest that unlike their short-term counterparts, long term investors reduce asymmetric information and help disseminate firm-specific information into stock prices when such information is less accessible to outside shareholders.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{ghadhab_2328,

title = {Cross-listing dynamics and labor investment efficiency: International evidence},

author = {Imen Ghadhab and Hamza Nizar and Ramzi Benkraiem and Faten Lakhal},

url = {https://www.sciencedirect.com/science/article/pii/S1057521923001941},

year  = {2023},

date = {2023-07-01},

journal = {International Review Of Financial Analysis},

volume = {88},

pages = {102678},

abstract = {This paper investigates the dynamics of cross-listing in the United States and labor investment efficiency. Using a sample of 11,780 firm-year observations from 44 countries over the period 2000-2019, we found that cross-listing is positively associated with labor investment efficiency. This result suggests that cross-listing is associated with lower deviations in labor investment at the level explained by economic fundamentals. We also found that cross-listing reduces both overinvestment and underinvestment problems. The positive impact of cross-listing on labor investment efficiency is more prevalent for firms from countries with weaker institutions and higher liabilities due to foreignness and for those operating in industries with low litigation risk. Further evidence shows that labor investment efficiency following cross-listing in the United States translates into high firm valuation. Our findings are robust to endogeneity concerns and have important policy implications.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{slama_2330,

title = {L'hétérogénéité des investisseurs institutionnels et la détention d'actifs liquides : Effet modérateur du contrôle familial},

author = {Afef Slama and Faten Lakhal and Ramzi Benkraiem},

url = {https://www.erudit.org/fr/revues/mi/2023-v27-n3-mi08812/1106706ar/},

year  = {2023},

date = {2023-06-01},

journal = {Management International},

volume = {27},

number = {3},

pages = {162-177},

abstract = {Cette étude se propose d'étudier l'effet de la présence des

investisseurs institutionnels (II) sur le niveau de détention

d'actifs liquides dans un contexte d'actionnariat familial.

Les résultats empiriques révèlent que les II ayant un

horizon d'investissement à long terme et une importante

participation au capital sont plus à mêmes de contrôler

et limiter l'accumulation d'actifs liquides. Cependant, un

comportement d'investissement passif de la part de ces II

conduit les dirigeants à privilégier leurs intérêts privés et

d'extraire ainsi des rentes à partir de l'accumulation des

liquidités. Les résultats montrent également que le

contrôle familial peut modérer l'activisme institutionnel et

amplifier en contrepartie la passivité de ces investisseurs.

En effet, les entreprises familiales peuvent privilégier une

coalition de contrôle avec les II passifs pour faciliter

l'expropriation des intérêts des actionnaires minoritaires

et affaiblir le pouvoir des II actifs.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{depoers_2036,

title = {Stock Price Crash Risk, Managerial Ownership, and Cost of Debt},

author = {Florence Depoers and Assil Guizani and Faten Lakhal},

url = {https://www.cairn.info/revue-finance-2023-2-page-37.htm},

year  = {2023},

date = {2023-05-01},

journal = {Finance},

volume = {44},

number = {2},

pages = {37-68},

abstract = {The purpose of this paper is to investigate the effect of stock price crash riskon the cost of debt for French listed companies. We use a sample of 221companies from 2008 to 2017 and find that stock price crashes increasethe cost of debt, suggesting that creditors consider a firm-level stock pricecrash to be an important risk factor when issuing loans. This positive effectis more pronounced in firms with high systematic risk and informationasymmetry issues. We also show that the positive effect of stock price crashrisk on the cost of debt is less prevalent when the manager or the foundingfamily is the first large shareholder of the company. These findings supportthe hypothesis of alignment of interests between managers and creditorsand are in line with the perspective of the social networks, owner-managersand families have with their banks},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{benkraiem_2214,

title = {Economic policy uncertainty, investor protection, and the value of excess cash: A cross-country comparison},

author = {Ramzi Benkraiem and Safa Gaaya and Faten Lakhal and Nadia Lakhal},

url = {https://www.sciencedirect.com/science/article/pii/S1544612322007486?via%3Dihub},

year  = {2023},

date = {2023-03-01},

journal = {Finance Research Letters},

volume = {52},

pages = {103572},

abstract = {This paper provides new evidence on the effect of economic policy uncertainty (EPU) on the value of excess cash. We find that EPU decreases the value of excess cash holdings. Thus, investors discount the value of excess cash held by firms that are highly exposed to uncertainty due to related agency and information asymmetry issues. We also investigate whether the value of excess cash holding in uncertain periods depends on the degree of investor protection. The findings reveal that investors penalize firms that hold excess cash during economic and political shortfalls only in countries with strong investor protection environments.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{lakhal_2337,

title = {The relationship between dividend payout and corporate social responsibility: The moderating effect of shareholder friendliness and board monitoring},

author = {Faten Lakhal and Cemil Kuzey and Ali Uyar and Abdullah Karaman},

url = {https://www.sciencedirect.com/science/article/pii/S0959652623004559},

year  = {2023},

date = {2023-03-01},

journal = {Journal Of Cleaner Production},

volume = {394},

pages = {136297},

abstract = {The purpose of this study is to extend the previous literature on the dividend payout and corporate social re-

sponsibility nexus by considering internal and external contingencies. We specifically examine the relationship

between dividend payout and corporate social responsibility and whether shareholder friendliness and board

monitoring moderate this relationship. Based on a sample of 34,456 observations across 60 countries from 2003

to 2019, we find that dividend payout is positively associated with nine dimensions of environmental, social, and

governance pillars, whereas dividend growth is negatively associated with them. Furthermore, we find that

shareholder friendliness negatively moderates the relationship between dividend payout and some environ-

mental, social, and governance dimensions, whereas board monitoring has a positive moderating effect. These

results suggest that shareholder-oriented managers prioritize shareholders' interests at the expense of stake-

holders. However, the board plays a good monitoring role in resolving conflicts of interest between shareholders

and stakeholders. Additional tests show that there is an inverted U-shaped relationship between dividend payout

and corporate social responsibility, suggesting that firms might find it difficult to balance the interests of both

parties at high dividend payout. Finally, under weaker market regulations, the direct relationship between

dividend payout and corporate social responsibility and the moderating effects are positive and stronger.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{shuwaikh_1888,

title = {Carbon performance and firm value of the World's most sustainable companies},

author = {Fatima Shuwaikh and Faten Lakhal and Ramzi Benkraiem and Assil Guizani},

url = {https://www.sciencedirect.com/science/article/pii/S0264999322002437?via%3Dihub},

year  = {2022},

date = {2022-11-01},

journal = {Economic Modelling},

volume = {116},

pages = {106002},

abstract = {This study examines how carbon performance affects a firm's market value. It also studies how this effect is driven by leadership, gender diversity and innovation capacity. This study used a panel of the world's most sustainable companies ranked according to Corporate Knights between 2013 and 2019. The results revealed that carbon performance positively influenced firm market value, thereby indicating that investors rewarded firms with low levels of carbon emissions. This positive effect was more prevalent in firms with a high level of gender diversity and innovation capacity. The findings also demonstrate that rank-up and high-polluting firms continually increased their efforts to be sustainable, which increased the positive effect of carbon performance on firm value. Our results are robust to alternative measures and concerns about endogeneity.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{brahem_1823,

title = {Corporate social responsibility and earnings quality in family firms},

author = {Emna Brahem and Florence Depoers and Faten Lakhal},

url = {https://doi.org/10.1108/JAAR-05-2021-0139},

year  = {2022},

date = {2022-10-01},

journal = {Journal of Applied Accounting Research},

volume = {23},

number = {5},

pages = {1114-1134},

abstract = {The purpose of this paper is to investigate the relationship between corporate social responsibility and earnings quality, specifically in family firms.

Design/methodology/approach



Based on a sample of French-listed firms from the period 2005 to 2016, the authors use the instrumental variable approach based on a two-stage least-squares (2SLS) estimator.

Findings



The results show that Corporate Social Responsibility (CSR) performance is positively associated with the relevance and faithful representation of earnings. This means that companies that commit to CSR activities are more likely to provide high earnings quality. The results also show that the positive association between CSR performance and earnings quality is more prevalent in family firms suggesting that socially responsible family firms are willing to preserve their socio-emotional wealth by disclosing high quality earnings.

Research limitations/implications



The results suggest that French firms commit to CSR to satisfy the interests of their stakeholders by disclosing high-quality information supporting the conflict resolution view of CSR. The findings also support the socio-emotional wealth perspective and suggest that family firms that engage in CSR activities provide a rich informational environment through high earnings quality.

Practical implications



This study's findings can be thus useful to investors for their portfolio management decisions by enabling them to identify the profile of companies with high earnings quality. These results may also help standard-setters and capital-market regulators improve market transparency by introducing new requirements to encourage investing in CSR.

Originality/value



This study extends the research on the relationship between CSR and earnings quality by focusing on two fundamental characteristics including relevance and faithful representation. This paper focuses on the effect of CSR on earnings quality in the specific context of family firms. This study offers then a better understanding of whether socially responsible family firms communicate stronger or weaker earnings quality than non-family firms based on the agency and socio-emotional wealth perspectives.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{lakhal_1859,

title = {How does family control affect stock price synchronicity?},

author = {Faten Lakhal and Ramzi Benkraiem},

url = {https://doi.org/10.1016/j.frl.2022.103092},

year  = {2022},

date = {2022-10-01},

journal = {Finance Research Letters},

volume = {49},

pages = {103092},

abstract = {This paper examines the effect of family control on the degree of stock price synchronicity. The

results reveal that family control has a negative effect on stock price synchronicity, supporting the

socioemotional wealth perspective. The results also show that this negative effect of family

control on stock price synchronicity is prevalent only for family firms with high analyst coverage

and a large institutional investor stake. These results suggest that families disclose more specific

information to enhance their reputation and alleviate minority investors' fears of being expropriated

when the firm has less information asymmetry and is well monitored.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{guizani_1866,

title = {How do overconfident CEOs behave in competitive product markets: Evidence from stock price crash risk},

author = {Assil Guizani and Florence Depoers and Faten Lakhal},

url = {https://journals.openedition.org/fcs/9285},

year  = {2022},

date = {2022-07-01},

journal = {Finance Contrôle Stratégie},

volume = {22},

number = {2},

pages = {2-22},

abstract = {This paper investigates how CEO overconfidence affects the stock price crash risk in a

competitive environment. Using a sample of French companies, we find that overconfident CEOs

positively influence the stock price crash risk. This finding suggests that overconfident CEOs are

more likely to keep money-losing projects and hoard bad news because they overestimate the

long-term value of their projects, leading to stock price crashes. The results also show that the

positive effect of CEO overconfidence on the stock price crash risk is less pronounced in

competitive product markets. This result suggests that product market competition can help

constraining the managerial irrationality effect on stock price crash risk.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{lakhal_1889,

title = {Comment les dirigeants surconfiants se comportent ils sur des marchés concurrentiels ? Le cas du risque de chute du cours d'action},

author = {Faten Lakhal and Assil Guizani and Florence Depoers},

url = {https://journals.openedition.org/fcs/9412},

year  = {2022},

date = {2022-07-01},

journal = {Finance Contrôle Stratégie},

volume = {22},

number = {2},

pages = {1-21},

abstract = {Ce papier examine l'effet du comportement sur-confiant du dirigeant sur le risque de chute des

cours boursiers dans un environnement concurrentiel. Sur un échantillon d'entreprises

françaises de 2007 à 2016, les résultats montrent que la sur-confiance des dirigeants augmente le

risque de chute du cours d'action. Ces résultats suggèrent que les dirigeants sur-confiants

dissimulent inconsciemment les mauvaises performances, entrainant une chute du cours

d'action. Nous montrons également qu'en présence d'une concurrence accrue sur le marché de

biens et services, l'effet positif de la sur-confiance sur le risque de chute est moins prononcé. Ce

résultat suggère que la compétition sur les marchés de biens et services peut limiter l'effet de

l'irrationalité des dirigeants sur le risque de chute des cours boursiers.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{lakhal_1822,

title = {Financial contagion intensity during the COVID-19 outbreak: A copula approach},

author = {Faten Lakhal and Ramzi Benkraiem and Imen Zorgati},

url = {https://www.sciencedirect.com/science/article/pii/S105752192200103X},

year  = {2022},

date = {2022-05-01},

journal = {International Review Of Financial Analysis},

volume = {81},

pages = {102136},

abstract = {The sudden and rapid spread of the novel coronavirus (COVID-19) has had a severe impact on financial markets and economic activities all over the world. The purpose of this paper is to investigate the existence and intensity of financial contagion during the COVID-19 outbreak. We use daily series of stock indexes of 10 Asian countries (Taiwan, Hong Kong, Singapore, India, Indonesia, Malaysia, South Korea, Vietnam, Australia and China) and 4 American countries (the United-States, Brazil, Mexico, and Argentina) over the period starting from January 1st, 2014 to June 30th, 2021. Based on a copula approach, the results show that all studied markets are affected by the COVID-19 outbreak and the presence of financial contagion for all American and Asian countries. The results also show that contagion is more intense for American countries than Asian ones. These findings have practical implications, especially for investors, risk managers, and policy makers. The latter should continue to provide liquidity to the international market during this pandemic.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{benkraiem_1751,

title = {Corporate tax avoidance, economic policy uncertainty, and the value of excess cash: International evidence},

author = {Ramzi Benkraiem and Safa Gaaya and Faten Lakhal},

url = {https://doi.org/10.1016/j.econmod.2021.105738},

year  = {2022},

date = {2022-03-01},

journal = {Economic Modelling},

volume = {108},

pages = {105738},

abstract = {This paper presents new evidence on the links between corporate tax avoidance, economic policy uncertainty, and the value of excess cash. Based on an international sample of 41,535 firm-year observations from 2005 to 2018, the results show that tax avoidance negatively affects the value of excess cash. This negative effect is only prevalent for firms operating in countries with strong investor protection. This study also explores the role of economic policy uncertainty and shows that tax avoidance lowers the discount on the value of excess cash in uncertain times because investors may underestimate any negative reputational and risky practices. These findings have important implications for investors, policymakers and the welfare of the overall economy.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{lakhal_1809,

title = {How do International Financial Reporting Standards affect information asymmetry? The importance of the earnings quality channel},

author = {Faten Lakhal and Ramzi Benkraiem and Itidel Ben Saad},

url = {https://doi.org/10.1016/j.intaccaudtax.2021.100445},

year  = {2022},

date = {2022-03-01},

journal = {Journal of International Accounting, Auditing and Taxation},

volume = {46},

pages = {100445},

abstract = {Previous studies have provided evidence of the effect that accounting regulation through the adoption of International Financial Reporting Standards (IFRS) has on the informational environment. However, none have investigated how this effect is driven. This study examines whether earnings quality is an effective channel through which the IFRS can mitigate the level of information asymmetry. Based on a sample of French listed companies, we find that information asymmetry decreases significantly after the adoption of IFRS. Using a path analysis and maximum likelihood estimations, the results show that the faithful representation component of earnings quality is the only channel through which IFRS decrease the level of information asymmetry. This finding suggests that the faithful representation of earnings increased under IFRS regulation, which, in turn, enhanced the quality of the informational environment. Our findings are robust using several sensitivity analyses.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{lakhal_2035,

title = {How does Corporate Social Responsibility performance influence the cost of debt? Evidence from France},

author = {Faten Lakhal and Aymen Ajina and Sami BACHA and Sourour Ben Saad},

url = {https://eska-publishing.com/fr/2021/1133332-bankers-markets-investors-n-167-decembre-2021-128.html},

year  = {2021},

date = {2021-12-01},

journal = {Bankers, Markets & Investors},

volume = {2021/4},

number = {167},

pages = {2-16},

abstract = {This study explores the indirect relation between corporate social responsibility (CSR) performance and the cost of debt through two channels: information asymmetry and risk profile. We also examine how mandatory CSR disclosures influence the relation between CSR performance and the cost of debt. Based on a sample of French non-financial listed companies over the period 2005-2016 and a path model, we show that there is a negative effect of CSR performance on the cost of debt via the risk channel, while the effect of CSR via the information asymmetry channel is not robust supporting the risk management argument. These results suggest that CSR performance provides insurance-like protection that mitigates firm risk. Furthermore, using the difference-in-difference approach, the results show that firms with high CSR performance experience a significant decrease in the cost of debt subsequently to the Grenelle II act on CSR mandatory disclosures. The findings provide valuable implications for market participants. Managers may overinvest in CSR activities to reduce firm risk and benefit from a decreasing cost of debt while investors may want to invest in socially responsible firms to reduce their risk exposure. Our results are robust to alternative measures of risk, model specifications and endogeneity concerns.},

note = {revue sans doi},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{benkraiem_1674,

title = {How do powerful decision-makers affect firm's stock price crash risk?},

author = {Ramzi Benkraiem and Florence Depoers and Assil Guizani and Faten Lakhal},

url = {http://www.accessecon.com/Pubs/EB/2021/Volume41/EB-21-V41-I3-P159.pdf},

year  = {2021},

date = {2021-10-01},

journal = {Economics Bulletin},

volume = {41},

number = {3},

pages = {1876-1886},

abstract = {This paper investigates the effect of decision-makers' power on the stock price crash risk (SPCR). Using a sample ofFrench listed companies, the results show that SPCR increases with the power of decision-makers in widely held andmore concentrated ownership structures. This result suggests that for expropriation purposes, powerful managers andcontrolling shareholders conceal bad news for extended periods. Up to a threshold, bad news is released to investorsall at once, leading to a drop in the stock prices. We also find that analysts' coverage mitigates the effect of powerfulmanagers on SPCR in widely held firms. However, the relationship between the power of controlling shareholders andSPCR is less prevalent in companies with independent boards. These findings highlight the importance of efficientgovernance devices to curb opportunistic decision-makers and protect the interests of external shareholders. However,the effectiveness of these mechanisms depends on the identity of the decision-maker and the nature of agencyproblems.},

note = {revue sans doi},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{jedda_1242,

title = {Family Control and Investment Efficiency: Does financial analyst coverage matter?},

author = {Nour Jedda and Faten Lakhal and Riadh Ghenima},

url = {https://www.erudit.org/en/journals/mi/1900-v1-n1-mi06183/1079215ar/abstract/},

year  = {2021},

date = {2021-07-01},

journal = {Management International},

volume = {25},

number = {3},

pages = {91-115},

abstract = {The purpose of this paper is to investigate the effect of

family control on investment efficiency and to highlight the

moderating effect of analyst coverage. Based on a sample

of French-listed companies, the results show a negative

effect of family excess control and successive generational

stage on investment efficiency. This negative effect is

mainly driven by the underinvestment problem. These

findings suggest that family firms are associated with

exacerbated information asymmetry issues leading them

to miss investment opportunities. However, analyst

coverage, as an external corporate governance device,

helps mitigating information asymmetry and the problem

of inefficient investments in family firms.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{boubaker_1244,

title = {La diversité du genre influence-t-elle la performance RSE des entreprises familiales ?},

author = {Sabri Boubaker and Emna Brahem and Faten Lakhal},

url = {https://www.cairn.info/revue-des-sciences-de-gestion-2020-3-page-71.html},

year  = {2021},

date = {2021-05-01},

journal = {La Revue des Sciences de Gestion},

volume = {303-304},

pages = {71-80},

abstract = {Cet article vise à identifier les déterminants des stratégies « best-in-class » à partir de données européennes sur un échantillon de 459 entreprises. Les stratégies « best-in-class » sont étudiées à partir de six scores RSE fournis par la société de rating Vigeo-Eiris à savoir un score relatif à la gestion des ressources humaines, aux performances environnementales, aux relations clients/fournisseurs, à l'efficacité de la gouvernance, à l'implication au sein des communautés locales, et au respect des droits humains. L'étude des déterminants à partir de la revue de littérature a permis un regroupement en trois grandes catégories, les caractéristiques liées aux firmes, la structure de l'actionnariat et les caractéristiques individuelles des dirigeants. Nos résultats soulignent l'influence positive de la taille de la firme et de la performance boursière, ainsi que l'influence positive d'un système de gouvernance de qualité sur l'adoption d'une stratégie « best-in-class ». L'âge du dirigeant est la seule caractéristique individuelle du dirigeant à avoir une influence significative, toutefois négative, sur les stratégies « best-in-class », soulignant l'existence potentielle d'un problème d'horizon de carrière associé aux stratégies RSE des firmes.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{lakhal_1344,

title = {Family control and corporate social responsibility: The moderating effect of the board of directors},

author = {Faten Lakhal and Florence Depoers and Emna Brahem},

url = {https://www.erudit.org/en/journals/mi/1900-v1-n1-mi06083/1077793ar/abstract/},

year  = {2021},

date = {2021-05-01},

journal = {Management International},

volume = {25},

number = {2},

pages = {218 - 238},

abstract = {This paper examines the effect of family control on corporate social responsibility (CSR) in French-listed companies. Based on quantile regressions, our results show that family identity and involvement in capital and management positively influence CSR performance, particularly for low-CSR firms. These findings support the socio-emotional perspective of family firms. However, families with excess control engage less in CSR activities for expropriation purposes. Additional analysis shows that board size and gender diversity attenuate the negative effect of excess family control on CSR performance and help then mitigating the expropriation risk by family-controlled firms.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{francoeur_1307,

title = {How Do Powerful CEOs Influence Corporate Environmental Performance?},

author = {Claude Francoeur and Faten Lakhal and Safa Gaaya and Itidel Ben Saad},

url = {https://www.sciencedirect.com/science/article/pii/S0264999320312086},

year  = {2021},

date = {2021-01-01},

journal = {Economic Modelling},

volume = {94},

pages = {121-129},

abstract = {This study investigates how powerful chief executive officers (CEOs) affect their firm's environmental performance. Based on a sample of 5222 U.S. firm-year observations, we find that such CEOs positively influence environmental performance and that this effect is more prevalent in profitable firms. This result suggests that powerful CEOs are influential in creating sufficient resources to enhance their firms' environmental performance. They are also typically well established and enjoy the quiet life that predisposes them to prioritize environmental projects. Our results also show that, although firms in polluted industries have lower environmental performance, they are able to mitigate this negative effect when they have powerful CEOs or are more profitable. Our results are robust to a variety of econometric models, alternative measures of environmental performance, and controlling for endogeneity issues},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{benkraiem_1520,

title = {New insights into IFRS and earnings quality: what conclusions to draw from the French experience?},

author = {Ramzi Benkraiem and Faten Lakhal and Itidel Ben Saad},

url = {https://www.emerald.com/insight/content/doi/10.1108/JAAR-05-2020-0094/full/html},

year  = {2021},

date = {2021-01-01},

journal = {Journal of Applied Accounting Research},

volume = {22},

number = {2},

pages = {307-333},

abstract = {Purpose



The purpose of this study is to examine the effect of International Financial Reporting Standards (IFRS) on earnings quality in a continental European context (i.e. France) more than a decade after their mandatory adoption. Furthermore, the authors investigate whether the IFRS effect depends on firm-specific incentives.

Design/methodology/approach



The authors construct an aggregated measure that considers the main qualitative information characteristics: reliability and relevance. They identify accruals quality, earnings smoothing and the degree of conditional conservatism as attributes of reliability and use earnings persistence, predictability, value relevance and timeliness to measure earnings relevance. To test the hypotheses, the authors use a sample of French listed companies. The analyses are based on ordinary least squares (OLS) fixed effects, the Newey-West estimator and the difference-in-difference approach. The authors also use cluster analysis to identify firms with high incentives for earnings quality.

Findings



The results reveal a decrease in earnings quality that persisted for a decade after IFRS adoption. This decrease is mainly due to a decline in earnings relevance, suggesting that the fair value principle worsened earnings volatility. However, the results show that there is an improvement in earnings reliability after IFRS adoption, suggesting that the international standards were able to constrain managerial opportunism. Additionally, the findings reveal that firm-specific incentives can enhance the positive effect of IFRS, but the incentives are not able to substitute for such effect.

Research limitations/implications



The IFRS effect depends on firm-specific incentives.

Practical implications



The authors prove that firm-specific incentives are important to accentuate the positive effect of IFRS on earnings reliability and to mitigate the impact of IFRS on earnings relevance.

Originality/value



This paper makes several contributions to the literature. First, it addresses the relative lack of attention to the main qualitative characteristics in measuring earnings quality, that is, earnings reliability and earning relevance, and uses an aggregate earnings quality measure. Second, this paper uses a cluster analysis to highlight the role of firm-specific incentives in shaping the effect of IFRS on earnings quality.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{zorgati_1089,

title = {Spatial contagion in the subprime crisis context: Adjusted correlation versus local correlation approaches},

author = {Imen Zorgati and Faten Lakhal},

url = {https://www.sciencedirect.com/science/article/abs/pii/S026499931930286X},

year  = {2020},

date = {2020-11-01},

journal = {Economic Modelling},

volume = {92},

pages = {162-169},

abstract = {This paper investigates the financial contagion phenomenon and its intensity in the context of the subprime crisis by adopting the copulas approach. The wavelet technique is used to predict the accurate occurrence of the subprime crisis. To estimate the parameters of the different copulas, we use the canonical maximum likelihood method (CML). Based on the daily returns of stock market indices of five American countries (Brazil, Argentina, Mexico, Canada and the USA) and nine Asian countries (Japan, Hong Kong, India, Australia, Indonesia, Malaysia, Korea, China and Singapore) from 01/01/2003 to 30/12/2011, our results show that the contagion effect exists for all American markets as well as the Indian, Australian, Indonesian, Malaysian, Chinese and Singaporean ones. The findings also show that American markets record high levels of contagion intensity in comparison to their Asian counterparts. This study also confirms the contagious nature of the subprime crisis between USA and both American and Asian countries.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{lakhal_1309,

title = {Does corporate innovation strategy influence stock price crash risk? French market evidence},

author = {Faten Lakhal and Sabri Boubaker and Assil Guizani},

url = {https://journaleska.com/index.php/bmi/article/view/4639},

year  = {2020},

date = {2020-11-01},

journal = {Bankers, Markets & Investors},

volume = {162},

pages = {35-52},

abstract = {The purpose of this paper is to examine the effect of corporate innovation strategy on firm-level stock price crash risk. Using a sample of French listed firms covering 2007-2016, we show that innovative firms are more prone to future stock price crash risk. Managers of these firms have optimistic expectations about growth prospects that encourage them to hide bad news, leading to higher stock price crash risk. This positive relationship is only prevalent in competitive product markets and with low analyst coverage suggesting that innovative firms are likely to experience stock price crashes when information asymmetry is exacerbated. Our results stand up to several robustness tests and remain unchanged after addressing endogeneity concerns.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}